What’s the Difference Between Retiring at 62 and 67?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Social Security Benefits at Age 62

  • Reduced Benefits: Retiring at 62 means you’ll receive a lower Social Security benefit. Benefits are reduced by a certain percentage for each month before your full retirement age.
  • Longer Duration: Although reduced, you receive benefits for a longer time.
  • Impact on Spousal Benefits: Your decision can affect the benefits your spouse receives.

Social Security Benefits at Age 67

  • Maximum Benefits: At age 67, which is the full retirement age for many, you’re eligible for 100% of your benefit.
  • Delayed Retirement Credits: If you delay retirement past 67, your benefits could increase up to a certain age.
  • Impact on Taxes: Higher benefits might impact your tax situation differently.

Financial Considerations

  • Early Retirement: May need to use personal savings until Social Security kicks in.
  • Delayed Retirement: Opportunity to save more, potentially better financial security.

Health and Lifestyle

  • Early Retirement: More time for personal pursuits, but consider health insurance coverage until Medicare.
  • Delayed Retirement: Continued work could have health benefits but less time for leisure activities.

Monthly Benefit Comparison

Age of RetirementMonthly Benefit AmountTotal Benefits by Age 80


Choosing between retiring at 62 or 67 depends on your financial needs, health, and lifestyle preferences. Retiring early means reduced benefits but a longer period of receiving them, while waiting until 67 maximizes your Social Security benefits. Consider your situation and consult with a financial advisor to make an informed decision.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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